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20121222
20121230
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love this, as opposed to letting the government do it. we he don't need the government to do this. this is what americans can do. stuart: you've got the last word on me there, mark lanier, very good, very good. you walk away from your 227 million, mark, have a wonderful new year. >> thank you. stuart: a massive storm, serious stuff here, big storms through the u.s., high winds, snow, everybody came down and stranding a lot of travelers across the country and dumping inches of snow in some cities, actually feet in some areas. roadways in the northeast covered with snow, again, two feet of snow in some areas. big delays in a lot of airports. big headaches for holiday travelers, that storm is blamed for the at least six deaths. if congress and the president can't come up with a plan and we dive on that fiscal cliff, look what would happen to the average federal taxpayers, the average taxpayer is roughly 50,000 bucks a year and that person would pay a extra, 1238 per year in taxes. in fact, every taxpayer would pay more if we go over that cliff. clearly, that would be a hit to the ove
to actually solve the problem. so we can do this, it's the government that's the problem, not the economy and not even-- stuart: they're suppose today work for us. look, here is what i think is going to happen. i think that we will get some kind of last minute deal, which raises taxes on people who are successful, making serious money. forget about any spending cuts, i don't think that's going to happen and they make promises, but they're not actually going to do it and they'll simply ignore the debt. i think that's what's going to happen. do you agree? >> i'll take that bet. i don't think that's going to happen. i don't think that republicans will agree to any tax increases without spending cuts. i think they've been clear about that. stuart: we go over the cliff. >> they're not going to cave. i think they're going to extend the deed line and see credit downgrade. and i think we're going to fight about this through 2013 unfortunately. stuart: and as if falling off the fiscal cliff isn't enough to push us off another recession, it could of course. tomorrow at midnight a longshoremen's str
difficult for the federal government. people are wary of all of the uncertainty. they are keeping their pocketbooks closed during this all-important spending season. do you see that as an interesting perspective? >> i think at this point, here you have this santa claus rally which is a market phenomenon that makes sense until it doesn't. that works until it doesn't. coming into this season we would have a typical 1.7% increase in the s&p 500. now, we are dealing with questions that will remain unanswered until january. that uncertainty makes investors anxious. tracy: we have for trading days left. what should we be doing? what should people be doing over the course of the next couple trading days? >> i think people should really look at their capital gains. we are at a point now where capital gains is going up. it makes sense to take him and reposition them when we find out what will happen. lori: i have to tell you, i think stocks are the place to be. stocks, even emerging market stocks, there is a lot of strategy. how would you recommend it? >> i think equity because bond yields
to the president's desk. tracy: click and expedient. lori: the efficiency. tracy: u.s. government set to hit the legal borrowing limit on monday. 16.$4 trillion federal debt limit beginning to come down and toch congress passes legislation or defaults. treasury secretary tim traders said the treasury would begin to undertake "extraordinary measures to stave off default quote that could $3,200,000,000,000 of additional funding which would give them two more months this is creative accounting. we have many. lori: the overspending is the understatement. the bond yield is lower investors are thinking this is the safest bet stocks are falling the dow was off 100 points europe is a mess in china slows down the global economy in dire straits and we cannot stop spending there is no message in interest rates are rising as they should to prepare for another downgrade which is very concerning talking about the economic data data, consumer confidence falls over fiscal cliff uncertainty and warning the government is set to hit the legal borrowing limit by a monday. we have bill rodgers from rutgers unive
equipment and furnishings, her innsurance denied her claim and she got no help from the government. take a look at this. they got her back in the business. it's pretty awesome, right? the party of procrastination can take a lesson from the small-business owner in staten island, new york. congress has nothing to show for itself after two years. coming up next, how the massive gains in the fiscal cliff could impact your 401k and the economy. stay with us gerri: big tax hikes set to t gerri: you make it, they take it. 23.8% is the raise that policymakers will see on capital gains. chris edwards joins me now. he is director for tax policy studies at the cato institute. i would like to show people what we're talking about. he gets confusing for people. we have a current tax rate, 15%. on january 1, the capital gains tax rate will jump to 23.8%. i talked to a lot of my friends and they say that's not a big dumb. what you say? >> it is a big jump. if you add state taxes on top of that, the united states will be up to 20%. our major trading partners, britain and europe and canada -- they are onl
the government. take a look at this. they got her back in the business. it's pretty awesome, right? the party of procrastination can take a lesson from the small-business owner in staten island, new york. congress has nothing to show for itself after two years. coming up next, how the massive gains in the fiscal cliff could impact your 401k and the economy. stay with us want to know what i did in the last five hours? i played a round of golf. then i read a book while teaching myself how to play guitar; ran ten miles while knitng myself a sweater; jumped out of a plane. finally, i became a ping pong master while recording my debut album. how you ask? with 5-hour energy. i get hours of energy now -- no crash later. wait to see the next five hours. we don't let frequent heartburn come between us and what we love. so if you're one of them people whgets heartburn and then treats day afr day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] e pill eachmorning. 24 hours. zero heartbur gerri: big tax hikes set to take effect on january 1. what is the m
? >> is hard to imagine it could be worse. a selloff if we have the same sort of thing the government shutting down after they pulled all the lovers and the police and run out of money. it gets pretty ugly. gerri: next year, 2013, what will be the big drivers of the economy? what do you see coming up? >> the good news will be the housing sector improving a lot. more progress in the auto sector. there is still a lot of replacement to be done, so that is good. my feeling is if they survive, manufacturing will grow. altogether this is good for 2% growth because the consumer continues to be weighed down by slow wage growth. gerri: everything three imposes. they were not very good. speak of the continued to buy cars. people becoming much more prudent with everyday items. i was sitting with my graduate students and some talk about buying clothes for one location. i don't hear that anymore. i think people are more prudent with everyday expenses and they have divided car and it will make them last longer. gerri: maybe there will be some kind opent up demand. do you see them moving off their policy of
. both sides are bouncing this thing. citizens for self governance, president mark mcclure joined by occidental professor caroline helpmann. let's start with you. bad deal worse than no deal? >> it is, and we're talking about the fiscal cliff. we are really dealing with is the fiscal fraud. we fell off the cliff along time ago. we are in the best, $16 trillion in debt. a debt our children and grandchildren will never be able to pay off, a total fraud, not dealing with spending, and unless they do we are not going to fix the problems is a country is facing. tom: same point, i mean, is this something that will start tuesday or have businesses and individuals already started be having different because of the fact that this whole process was coming up in addition to what the congressman was talking about? >> certainly was tree has been reacting to this, but i very much disagree about the causes. that is when we extended tax cuts do so wealthy individuals in 2001 and three did not need them and then we saw an incredible decrease in revenue as a result of wall street tanking our econom
that governing is a shared responsibility between both parties in this congress laws can only pass with support from democrats and republicans, and that means nobody gets 100 percent of what they want. lou: there are only ten days remaining tothe fiscal cliff. president obama headed to value within actually minutes, and members of congress have also gone home for chrrstmas vacation already. in a news conference today, speaker boehner admitted negotiations wh the president ha, indeed, been difficult. >> until the president on monday, these are my bottom lines. the president told me that his numbers, $1 trillion in new revenues, 850 billion in spending cuts was his bottom-line. he could not go any further. lou: and he didn't. the plan be option collapsing last night when he failed to get republican support to raise taxes on only those making more than a million dollars a year. over in the senate majority leader harry reipounced on the very public embarrassing defeat. >> we knew the so-called plan b was no plan at al. it could not pass the senate. it turns out, it could not pass the house either.
on go bankrupt or the governments they are based on go bankrupt, and people are saying that might happen here. >> you could have a credit incident, but we're not going to destroy the faith in credit of the u.s. government. david: we already have. are you kidding, larry? we already have. >> i doubt it because, really, if the credit were destroyed, the cost of finance at the margin would be going up, and the cost of finance at the margin for the federal government is going down. >> larry, consumers are pulling back, a consumer that's pulling back, not spending as much, that is not going out and driving and consuming oil, the confidence seems eroded before a decision is made in dc. we don't even need a decision. david: larry, i know what you say about interest rates, overriding factor thinking about investment and how much cash, but, again, right for now, our credit rating is the best in the worlding but it's a lousy world of credit. that's the problem is that with all this money printing going on around the world, i'm wondering when that comes back to bite us. >> well, that's why you don't
that problem? >> all we have to do to balance the budget in 10 years limit the growth of government spending so that the budget climbs by an average 2.5% a year. in my mind, this isn't about the short term because whatever speed bump we go over we're going to go over. in the long run that is what i'm worried about, how big is government? how much of our economy's resources will be diverted and consumed by government? because i don't want to become greece or france or one of these stagnant slow growth welfare states. think evidence is very clear that fiscal policy does matter for an economy's performance. doesn't mean we have a recession if taxes go up but it does mean that government will be bigger and our growth rate in the long run maybe instead of 2.7, it is 2.6. that doesn't sound like much but because of compounding it adds up. adam: dan, i don't think there is any danger we become greece or france in a lot of ways. we're not a socialist country yet and greece is a whole different ball of wax. rich, the discussion about the economy, the spending cuts that they're talking about do put peopl
the world. look at japan and europe. the japanese government is the glaring war on japanese citizens. it will create inflation. if the japanese citizens start to dump their bonds, they have been a bigger part then japan recently. that is a big problem for us. their euro has been quietly depreciating. if that goes out, that is a much bigger fiscal cliff. if the buyers of treasuries become sellers. liz: there are a lot of "if" in your discussion. the bond markets are still pretty -- nothing from the bottom vigilantes yet. you were a clinton advisor. you saw in the mid- 90s bond yields really spike higher. that is the issue. if we see the economy healing, bond yields could go up. investors say, wait a second, why invest for bond. >> that is the key issue. we have not seen interest rates spike for a simple reason. nobody has confidence in the economy. nobody believes we will have robust economic growth. we could be heading towards a recession. especially given the disappointing christmas sales. i am frankly skeptical about what will happen with our economy either way. i think we will go
up on all american taxpayers and hundreds of billions of dollars in automatic government spending cuts will kick in. potentially plunging the economy back into recession. after the boehner plan fails stock markets around the world reacted and reminded the president, congress, and the senate that morefalures of leaders and failures to reach compromise in washington will have on peasant and possly exceedingly painful consequences wall street today sold off sharply despite more positive news on an ecnomy that is now obviously growing and building momentum. the dow jones industrial fell 121 points. the s&p down 39 and a half, nasdaq lost 29 points to assess what is now a bright new economic prospects and the consequence of further gathering in irresponsibility in washington, we are joined by economist john lonski, noted fund manager and strategist harvey eisen, and in other news fromwashington tonight president obama nominating senator john kerry to be the next secretary of state with their views on kerry, benghazi, obama's foreign policy. we will be talking with fox his national secu
happens january 1st. here's why they get sales from government contracts. that's the deal. it's not just the lockheed martins of the world. you'll see in here, humana, other health care companies, of course, medical device companies hit with the tax, but they have striker, for example, and there's a lot of sales from government contracts. you'll see in here, look at that, motorola, holdings in and waste management companies like waste management and republic services, ashley. ashley: what are the stock prices on the companies, iz? >> good point. goldman sachs warned since 2011 when that debt ceiling crisis hit in the summer of 2011 that triggered the fiscal cliff learning that the companies could under perform, but there's another wall street player, and that's fidelity saying watch for the banks, not just because they are under pressure as they track the general economy, but it's because business capital spending is down as of the third quarter, really went south, worried about that and activity dropping off by 20% versus the prior year, and banks make a lot of fee money. people, you k
government bailout than meets the eye. liz macdonald tells us the white house is backing a plan to help out underwater mortgages and not just for government underwritten loans. shibani: let's take a look if you own these stocks on the nasdaq you are making money today. research in motion, netflix, a lot. dennis: the christmas movie box office cannot non-violent are rated westerns by quentin tarantino against a broadway musical based on a nineteenth century novel, was miserables and the musical won. universal's less miserables broken 18.one million dollar guarantees, tarantino break-in $15 million, the highest level christmas opening for and are rated film. elsewhere taylor swift is breaking up with stream music services. turn newest album read finished fifth week at number one but she refused to make it available on internet streaming services that the attendees her songs. other music acts may take notice. a great story in the wall street journal. an office building, number one times square, the bad news, it is mostly vacant. the good news is it brings in $23 million a year in ad revenue on
crisis we've had in our government over the past three years. we push, push it, push it to the brink and come up with something. i'm not sure we'll come up with something now. there is let more flexing. congress meeting on monday is a help thulful thing. if they come up it will be minor framework of what we see next year. we'll see where it goes from there. ashley: very good point. mike, from the nymex, what about oil today. what have we seen in the action of the oil trade? >> it is more or less follow the leader after we came out with that little stock market rally there i'm looking at the board here we're pushing highs at 91.25. it is more like a vooleyball game. who's serve is it not? it is going back and forth in washington on what kind of plan we'll come up with. i wouldn't be, the volume's been low. i don't think we'll miss a huge move. i've been saying buy 85, sell 90. probably drift a little higher until the end of the year and see what happens going into the new year. ashley: so much uncertainty. thank you so much, gentlemen. we have ben and daniel and mike, thank you for jo
that cuts 23 to 35 billion. you put that in the mix. again we have to go through all aspects of government to figure out where we can save and at the same time we've got to reform entitlement programs to make sure they're is vent for the long term the those ideas have been put forward. we have to come together on a package and do it. adam: this is simple yes or no, senator before i let you go. are you here monday night talking to us about how we go over the cliff or do we get a resolution, yes or no? >> yes, i think there is chance we will be. the house is coming back. that's a good sign. let's get everybody here. let's get after it. adam: senator john hoeven, one of the most popular governors when you were governor of your state. thanks very much for joining us the senator joining us from washington, d.c. we'll not let this one go though because obviously it looks like a complete absolute mess in washington, d.c. can the gop and democrats still pull a deal out of the fire before the deadline? i'm joined now by our money power panel. steve hayes, senior writer with the "weekly standard" an
government because it is potentially dangerous to the environment. that is nothing like a danger to oil trading that the fiscal cliff is now causing. take a look at prices. you said today, we've got back a little bit and pulled back a little bit after run-up yesterday. this is not a story about price. this is a story about volume, lack of volume. take a look at the volume of oil trading on the most traded contract, wti, that's west texas intermediate at the cme group, if february of 2011 the volume was 934,000 contracts a day. almost a million contracts a day. by november of this year, a month ago, got half of that. yesterday the volume was 175,000. oil money is on the sidelines. our producer just gave me the latest volume today. trading is going to continue only for another 15 minutes or so. 273,000 contracts traded just today. that is half of the typical volume. people are so scared about the fiscal cliff, this money, david, now is sitting on the sidelines and doing nothing for investors. that is what the fiscal cliff has wrought in the oil market. david: jeff, one of the problems of
Search Results 0 to 29 of about 30 (some duplicates have been removed)